Life Sciences - cfdc.org · Source: JobsEQ®, Copyright © 2020 Chmura Economics & Analytics, All...

Source: JobsEQ®, http://www.chmuraecon.com/jobseq Copyright © 2020 Chmura Economics & Analytics, All Rights Reserved.

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Industry Spotlight

Life Sciences

Polk County, Florida

http://www.chmuraecon.com/jobseq/

http://www.chmuraecon.com/jobseq


http://www.chmuraecon.com/


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Spotlight Summary ............................................................................................................................................................. 3

Industry Snapshot .............................................................................................................................................................. 4

Staffing Pattern .................................................................................................................................................................. 5

Employment Distribution by Type ..................................................................................................................................... 6

Establishments ................................................................................................................................................................... 7

GDP & Productivity ............................................................................................................................................................. 8

Supply Chain: Top Suppliers ............................................................................................................................................... 9

Sector Strategy Pathways................................................................................................................................................. 10

Postsecondary Programs Linked to Life Sciences ............................................................................................................ 11

Polk County, Florida Regional Map .................................................................................................................................. 12

Industry Definition ........................................................................................................................................................... 13

Data Notes ........................................................................................................................................................................ 14

FAQ ................................................................................................................................................................................... 14






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Spotlight Summary

Life Sciences Polk County, Florida – 2020Q1

EMPLOYMENT

22,132 Regional employment / 15,589,353 in the nation

WAGES

$57,470 Avg Wages per Worker / $67,636 in the nation

1.8%Avg Ann % Change Last 10 Years / +1.9% in the U.S.

8.9% % of Total Employment / 9.8% in the U.S.

2.0%Avg Ann % Change Last 10 Years / +2.2% in the U.S.

TOP OCCUPATION GROUPS

TOP INDUSTRIES Avg Ann % Change in Employment, Last 10 Years

-0.1 %

General Medical and Surgical Hospitals

2.5 %

Offices of Physicians (except Mental Health Specialists)

-0.7 %

Home Health Care Services






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Industry Snapshot

EMPLOYMENT

WAGES

6-Digit Industry Empl Avg Ann

Wages LQ 5yr History Annual

Demand

Forecast

Ann

Growth

General Medical and Surgical Hospitals 8,167 $49,836 0.86 724 1.2%

Offices of Physicians (except Mental Health

Specialists) 6,879 $73,658 1.60 688 2.0%

Home Health Care Services 1,387 $41,757 0.53 199 3.9%

Offices of Dentists 1,264 $56,265 0.82 132 1.7%

Surgical and Medical Instrument

Manufacturing 587 $56,996 2.80 66 1.0%

Freestanding Ambulatory Surgical and

Emergency Centers 403 $49,784 1.53 47 3.7%

All Other Outpatient Care Centers 400 $93,624 1.18 46 3.7%

Offices of Optometrists 396 $47,539 1.74 38 1.4%

Outpatient Mental Health and Substance

Abuse Centers 340 $33,038 0.77 43 2.8%

Offices of Physical, Occupational and Speech

Therapists, and Audiologists 323 $48,250 0.45 38 3.4%

Remaining Component Industries 1,982 $40,029 0.53 226 2.5%

Life Sciences 22,132 $57,470 0.91 2,254 2.0%

Employment is one of the broadest and most timely measures of a region’s economy. Fluctuations in the number of jobs shed light on the health of an industry. A growing employment base creates more opportunities for regional residents and helps a region grow its population.

Since wages and salaries generally compose the majority of a household’s income, the annual average wages of a region affect its average household income, housing market, quality of life, and other socioeconomic indicators.






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Staffing Pattern

6-digit Occupation Empl Avg Ann

Wages Annual

Demand

Registered Nurses 3,527 $63,300 269

Medical Assistants 1,443 $30,900 215

Receptionists and Information Clerks 933 $29,600 151

Medical Secretaries and Administrative Assistants 782 $34,800 111

Nursing Assistants 767 $27,100 104

Physicians, All Other; and Ophthalmologists, Except

Pediatric 712 $248,400 36

Personal Care Aides 615 $22,800 120

Licensed Practical and Licensed Vocational Nurses 520 $41,500 53

Office Clerks, General 443 $33,700 59

Dental Assistants 442 $37,200 61

Remaining Component Occupations 11,919 $58,700 1,306

Total 22,132

The mix of occupations points to the ability of a region to support an industry and its flexibility to adapt to future demand. Industry wages are a component of the cost of labor for regional employers.






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Employment Distribution by Type The table below shows the employment mix by ownership type for Life Sciences for Polk County, Florida. Four of

these ownership types — federal, state, and local government and the private sector — together constitute “Covered

Employment” (employment covered by the Unemployment Insurance programs of the United States and reported via

the Quarterly Census of Employment and Wages).

“Self-Employment” refers to unincorporated self-employment and represents workers whose primary job is self-

employment (that is, these data do not include workers whose primary job is a wage-and-salary position that is

supplemented with self-employment).

Empl %

Private 21,322 96.3%

Self-Employment 726 3.3%

Federal Government 85 0.4%

Source: JobsEQ®

Strong entrepreneurial activity is indicative of growing industries. Using self-employment as a proxy for entrepreneurs, a higher share of self-employed individuals within a regional industry points to future growth.







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Establishments In 2018, there were 808 Life Sciences establishments in Polk County, Florida (per covered employment establishment

counts), an increase from 679 establishments ten years earlier in 2008.

New business formations are an important source of job creation in a regional economy, spurring innovation and competition, and driving productivity growth. Establishment data can provide an indicator of growth in businesses by counting each single location (such as a factory or a store) where business activity takes place, and with at least one employee.






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GDP & Productivity In 2019, Life Sciences produced $1.8 billion in GDP for Polk County, Florida.

8.1 % Industry Share of Total GDP / 8.3 % in the nation

3.7 % Avg Ann % Change Last 10 Yrs / 4.0 % in the nation

$144k Output per Worker / $185k in the nation

Gross domestic product (GDP) is the most comprehensive measure of regional economic activity, and an industry’s contribution to GDP is an important indicator of regional industry strength. It is a measure of total value-added to a regional economy in the form of labor income, proprietor’s income, and business profits, among others.

Growth in productivity (output per worker) leads to increases in wealth and higher average standards of living in a region.






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Supply Chain: Top Suppliers As of 2020Q1, Life Sciences in Polk County, Florida are estimated to make $1.2 billion in annual purchases from

suppliers in the United States with about 48% or $0.6 billion of these purchases being made from businesses located

in Polk County, Florida.

6-digit Supplier Industries Purchases from In-

Region ($M) Purchases from

Out-of-Region ($M)

Residential Property Managers $40.6 $13.1

Direct Property and Casualty Insurance Carriers $43.9 $2.8

Offices of Real Estate Agents and Brokers $26.8 $17.5

Corporate, Subsidiary, and Regional Managing Offices $42.5 $0.6

Direct Health and Medical Insurance Carriers $2.0 $34.6

Remaining Supplier Industries $428.0 $559.8

Total $583.8 $628.4

Supplier-buyer networks can indicate local linkages between industries, regional capacity to support growth in an industry, and potential leakage of sales out of the region.






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Sector Strategy Pathways

The graphics on this page illustrate relationships and potential movement (from left to right) between occupations that share similar skill sets. Developing career pathways as a strategy promotes industry employment growth and workforce engagement.






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Postsecondary Programs Linked to Life Sciences

Program Awards

Florida Southern College

Family Practice Nurse/Nursing 37

Registered Nursing/Registered Nurse 65

Polk State College

Emergency Medical Technology/Technician (EMT Paramedic) 81

Health Information/Medical Records Technology/Technician 27

Registered Nursing/Registered Nurse 230

Ridge Technical College

Licensed Practical/Vocational Nurse Training 65

Massage Therapy/Therapeutic Massage 39

Medical/Clinical Assistant 16

Traviss Technical College

Licensed Practical/Vocational Nurse Training 49

Phlebotomy Technician/Phlebotomist 16

Source: JobsEQ®

The number of graduates from postsecondary programs in the region identifies the pipeline of future workers as well as the training capacity to support industry demand.

Among postsecondary programs at schools located in the Polk County, Florida, the sampling above identifies those most linked to occupations relevant to Life Sciences. For a complete list see JobsEQ®, http://www.chmuraecon.com/jobseq








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Polk County, Florida Regional Map






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Industry Definition Life Sciences is defined as the following NAICS industries:

Code Description 325411 Medicinal and Botanical Manufacturing 325412 Pharmaceutical Preparation Manufacturing 325413 In-Vitro Diagnostic Substance Manufacturing 325414 Biological Product (except Diagnostic) Manufacturing 334510 Electromedical and Electrotherapeutic Apparatus Manufacturing 334516 Analytical Laboratory Instrument Manufacturing 334517 Irradiation Apparatus Manufacturing 339112 Surgical and Medical Instrument Manufacturing 339113 Surgical Appliance and Supplies Manufacturing 339115 Ophthalmic Goods Manufacturing 621111 Offices of Physicians (except Mental Health Specialists) 621112 Offices of Physicians, Mental Health Specialists 621210 Offices of Dentists 621310 Offices of Chiropractors 621320 Offices of Optometrists 621330 Offices of Mental Health Practitioners (except Physicians) 621340 Offices of Physical, Occupational and Speech Therapists, and Audiologists 621391 Offices of Podiatrists 621399 Offices of All Other Miscellaneous Health Practitioners 621410 Family Planning Centers 621420 Outpatient Mental Health and Substance Abuse Centers 621491 HMO Medical Centers 621492 Kidney Dialysis Centers 621493 Freestanding Ambulatory Surgical and Emergency Centers 621498 All Other Outpatient Care Centers 621511 Medical Laboratories 621512 Diagnostic Imaging Centers 621610 Home Health Care Services 621910 Ambulance Services 621991 Blood and Organ Banks 621999 All Other Miscellaneous Ambulatory Health Care Services 622110 General Medical and Surgical Hospitals 622210 Psychiatric and Substance Abuse Hospitals 622310 Specialty (except Psychiatric and Substance Abuse) Hospitals






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Data Notes Industry employment and wages (including total regional employment and wages) are as of 2020Q1 and are

based upon BLS QCEW data, imputed by Chmura where necessary, and supplemented by additional sources

including Census ZBP data. Employment forecasts are modeled by Chmura and are consistent with BLS

national-level 10-year forecasts.

Occupation employment is as of 2020Q1 and is based on industry employment and local staffing patterns

calculated by Chmura and utilizing BLS OES data. Occupation wages are per the BLS OES data and are as of

2019.

GDP is derived from BEA data and imputations by Chmura. Productivity (output per worker) is calculated by

Chmura using industry employment and wages as well as GDP and BLS output data. Supply chain modeling

including purchases by industry are developed by Chmura.

Postsecondary awards are per the NCES and are for the 2018-2019 academic year.

Establishment counts are per the BLS QCEW data.

Figures may not sum due to rounding.

FAQ What is (LQ) location quotient?

Location quotient is a measurement of concentration in comparison to the nation. An LQ of 1.00 indicates a

region has the same concentration of an industry (or occupation) as the nation. An LQ of 2.00 would mean

the region has twice the expected employment compared to the nation and an LQ of 0.50 would mean the

region has half the expected employment in comparison to the nation.

What is annual demand?

Annual demand is a of the sum of the annual projected growth demand and separation demand. Separation

demand is the number of jobs required due to separations—labor force exits (including retirements) and

turnover resulting from workers moving from one occupation into another. Note that separation demand

does not include all turnover—it does not include when workers stay in the same occupation but switch

employers. Growth demand is the increase or decrease of jobs expected due to expansion or contraction of

the overall number of jobs.

What is the difference between industry wages and occupation wages?

Industry wages and occupation wages are estimated via separate data sets, often the time periods being

reported do not align, and wages are defined slightly differently in the two systems (for example, certain

bonuses are included in the industry wages but not the occupation wages). It is therefore common that

estimates of the average industry wages and average occupation wages in a region do not match exactly.





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